It was removed from the roof last month and has now been found in the base of the stand, built in 1958, causing a delay of four weeks.
The MCC is examining whether it can be financially compensated as a result of inaccurate advice.
Demolition work on the stand began on September 7. MCC said that spectators who sat on the two tiers during last season, tour parties around Lord’s and site workers were not at risk.
The delay means that the installation of new seats will not be completed in time for the Test against Sri Lanka, starting on June 9, and members and their guests will be rehoused in the adjacent Grand Stand for the first three days instead.
The cost of such building delays will be about £50,000 a week plus the charge for the removal.
The concern now is that asbestos will also be found in the Tavern and Allen Stands, when these are demolished during the next phase of the redevelopment of Lord’s.